The average daily turnover in UK foreign exchange markets fell in the six months to October, driven by a drop in FX swaps and options activity, a Bank of England survey showed on Monday.
The survey showed that average daily turnover of spot, outright forwards, non-deliverable forwards, swaps, FX options and currency swaps in the UK market totalled $1.972 trillion (1.24 trillion pound) in October 2011, 3 percent lower than in April 2011 but 17 percent higher than a year earlier.
While the drop from April 2011 was driven by a 9 percent fall in FX swaps activity, spot turnover rose 2 percent to a record high of $802 billion.
Turnover for currency swaps also saw a relatively large increase, although average daily turnover in forex options fell to $130 billion from $140 billion in April 2011.
The daily turnover in FX swaps fell to $820 billion in the latest survey, from $902 billion.
According to the survey, the U.S. dollar was the most actively traded currency, and its share rose in the six months to October while the euro, which was the next most traded currency, also saw its share climb.
The Australian dollar's share rose at the expense of the pound sterling, the Japanese yen and the Swiss franc.
Thirty financial institutions active in the UK foreign exchange market participated in the survey.
A separate survey from the Singapore Foreign Exchange Market Committee showed average daily reported traditional turnover in Singapore fell 1.1 percent in the six months from October 2010 to US$308 billion.
(Reporting by Anirban Nag; editing by Stephen Nisbet)